Uzbekistan Introduces Standard for Valuing Cultural Assets

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has introduced a new mechanism for determining the value of cultural assets. According to the Ministry of Justice, a ведомственный regulatory legal act amending the Unified National Valuation System has been officially registered.

The document approves National Valuation Standard No. 16, which regulates the procedure for assessing the value of objects of cultural significance.

These include movable items of the material world that possess historical, artistic, scientific or other value, including works of fine and decorative-applied arts.

Under the established rules, such assets will be valued using comparative, income-based and cost-based approaches.

A mandatory requirement is the presence of an expert opinion from an art specialist confirming that the object qualifies as a cultural asset.

The introduction of the standard is aimed at expanding the participation of such items in civil circulation.

This will allow their valuation within sale and purchase transactions, enable their use as collateral, and facilitate their application in insurance and other legal operations.